The Weekly crypto price analysis indicates the entire cryptocurrency market has seen a minor pullback from the recent rally, with most coins trading around their resistance points. Bitcoin price was able to stay above $26,000 for most of the days this week as the coin continued to rebound from its previous high. Ethereum price has been consolidating for most of the week, trading within a range between $1,500 and $1,600.
The XRP token has also seen a slight rally in the past seven days, with its price trading above $0.38. Solana and Binance Coin have been two of the top performers this week, with both coins seeing significant gains against the US Dollar. Solana is up more than 19.91% since last week, while BNB is up roughly 22%.
The altcoin market has remained relatively stable despite a few minor pullbacks. Bitcoin and Ethereum prices remain at their all-week highs while altcoins trade around their resistance points. With the increasing institutional interest in the crypto space, we will likely see further gains soon.
BTC/USD
The Bitcoin market has been trading in the green for most of this week, with its price surging above $26,000 levels. However, today, the coin is seen trading in bearish pressure. Currently, the BTC/USD is trading at $27,160, with a decrease of -0.77% in the last 24 hours. The BTC/USD has gained about 33% in the past seven days and is expected to remain bullish for the upcoming days.
The support level is seen at $26,636, and if the current bearish pressure continues, it could go as low as $26,000. On the other hand, if bulls come into play and push the price above the resistance level of $27,667, we may see BTC/USD trading at levels around $28,000.
The technical indicator for BTC/USD suggests a buying signal. However, it is essential to note that the cryptocurrency market is highly volatile, and anything can happen. The RSI and MACD both indicate bullish momentum, and it is suggested that traders remain cautious. The moving average indicator is currently at $24,770.
ETH/USD
The Ethereum market has been consolidating in the past week, with its price trading between $1,500 and $1,700. Currently, ETH/USD is trading at $1,762, with a decrease of -2% in the last 24 hours. The support level for ETH/USD lies at $1,751, and if the current bearish pressure continues, it could go as low as $1,700. On the other hand, if bulls come into play and push the price above the resistance level of $1,832, we may see ETH/USD trading at levels around $1,850 in the near term.
The market capitalization for Ethereum is currently at $218 billion, while the 24-hour trading volume is at $8.7 billion. Looking at the technical indicators for ETH/USD, MACD, and RSI have been bullish for the past few days. The moving average indicator indicates a bullish divergence and is currently at $1,630. It is suggested that traders remain cautious while making any investments in the Ethereum market, as the crypto space is highly volatile.
XRP/USD
The XRP token has seen a solid performance this past week, with its price trading above $0.38 for most of the days with strong bullish momentum. At the time of writing, XRP/USD is currently trading at $0.3948, with a gain of 3.31% in the last 24 hours and 9.64 percent in the past seven days.
On the technical side, RSI has been bullish for the past few days and is currently at the 49.21 level. MACD also shows positive momentum, with the signal line and MACD line both in bullish territory. The moving average indicator is currently at $0.3874 and suggests a buying signal. The 50-day EMA and 200-day EMA are also indicating a bullish trend.
BNB/USD
The BNB/USD market has been steadily increasing in the past week, with its price trading at a range of $330-$344 for the past week. The bullish trend has been dominating the market over the past few days; however, today, there is seen a slight downward pressure in the market. Currently, BNB/USD is trading at $334, with a decrease of 0.41% in the last 24 hours and up roughly 22 percent in the past seven days.
The support level for BNB/USD lies at $330.79, and if the current bearish pressure continues, it could go as low as $325. On the other hand, if bulls come into play and push the price to break above the resistance level of $344.79, we may see BNB/USD trading at levels around $350.
The technical indicators for BNB/USD showed a buying signal before the current bearish pressure. The RSI has been in the over-bought territory for the past few days and is currently at 58.78. MACD has also been bullish for the past few days but has started to turn bearish with the signal line crossing below the MACD line. The moving average indicator is currently at $311.3 and suggests a buying signal.
SOL/USD
The SOL/USD market has been trading in an ascending triangle pattern in the past week, with its price trading between $18.15-$22.43 most of the time. The altcoin has seen a slight bearish pressure today and is currently trading at $21.68, with a decrease of 3.30% in the last 24 hours; however, SOL/USD is up 19.91 percent in the past seven days.
The bulls have been dominating the market, and if they continue to do so, then we may see SOL/USD breaking above the resistance level of $22.43, while on the downside, the support level is at $21.14, and if the bears come into play, we may see SOL/USD trading at levels around $20.00 level.
The technical indicators for the past week have been bullish for SOL/USD. The RSI has been in the over-bought territory for most of the week and is currently at 47.45. MACD has also been bullish for the past few days. However, it started to turn bearish recently, with the signal line crossing below the MACD line. The moving average indicator is currently at $22,951 and suggests a buying signal.
Weekly Crypto Price Analysis Conclusion
The past week has seen bullish momentum dominating the crypto space, with most of the major digital assets trading firmly in the green. However, today, the overall market for cryptocurrencies is showing a mixed trend, with some of the coins trading in the red while others have been showing bullish momentum. The support level and resistance level of digital assets have been holding up firmly, and it will be interesting to see how these levels hold up in the coming days.
